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35 Cards in this Set
- Front
- Back
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Accounting |
Planning, recording, analyzing, and interpreting financial information. |
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Accountant |
A person who plans, summarizes, analyzes, and interprets accounting information. |
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Bookkeeper |
A person who does general accounting work plus some summarizing and analyzing of accountant information. |
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Certified Public Accountant (CPA) |
Designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements. |
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General Office Clerk |
A person who does general kinds of office tasks, including some accounting tasks. |
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Accounting System |
A planned process for providing financial information that will be useful to management. |
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Accounting Records |
Organized summaries of a buisness' financial Records. |
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Financial Statements |
Financial records that summarize the financial condition and operations of a business. |
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Service Business |
A business that performs an activity for a fee. |
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Sole Proprietorship |
A business owned by one person. |
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Corporation |
A legal entity that is separate and distinct form it owners. |
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Merchandising Business |
A business that purchases and sells goods. |
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Partnership |
A business in which two or more people combine their assets and skills. |
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Asset |
Anything of value that is owned. prepaid Insurance Cash Supplies Accounts Receivable |
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Equities |
Financial rights to the assets of a business. Equity of those to whom money is owed Equity of the owner |
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Liabillity |
An amount owed by a business |
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Owners Equity |
The amount remaining after the value of all liabilities is subtracted from the value off all assets. |
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Accounting Equation |
An equation showing the relationship among assets=liabilities+Owner's Equity |
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Ethics |
The principles of right and wrong that guide an individual in making decisions. |
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Business Ethics |
The use of personal ethics in making business decisions. |
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Ethical Business Practices |
Moral value and principles that determine and conduct in the business world. |
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Unethical Business Practices |
Any activity that contradicts moral values and principles that determines our conduct in the business world. |
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Honesty |
The quality or fact of being honest. |
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Integrity |
Adherence to moral and ethical principles; soundness of moral character. |
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Trusthfulness |
Consistently telling the truth; don't lie. |
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Privacy |
Freedom from unauthorized intrusion; state of being left alone and ability to keep personal matters confidential. |
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Transaction |
A business activity that changes assets, liabilities, or owner's equity. |
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Account |
A record summarizing all the information pertaining to a single item in the accounting equation. |
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Account Title |
The name that is given to an account Cash Supplies Rent Expense |
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Account Balance |
The amount or value that is in an account. |
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Capital |
The account used to summarize the owner's equity in a business. |
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Revenue |
An increase in owner's equity resulting from the operation of a business. |
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Sale on Account |
A sale for which will be received at a later date. |
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Expense |
A decrease in owner's equity resulting from the operation of a business. Repairs Rent Supplies Maintenance Payroll |
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Withdrawals |
Assets taken out of the business for the owner's personal use. |
